5 Huge Life Events... and How They Affect Your Life Insurance

8/31/2017

If you’re like most, your world can change very quickly. As you age, major life events will take place, and you’ll want to be sure you have the right life insurance to match. Take a look at these five huge life events that may warrant changes to your life insurance coverage.

Marital Status

Whether you recently got married or you’re going through a divorce, this is a big life change and prompts changes to your life insurance policy.

Children

From paying for daycare to saving for their college education, the cost of providing for kids can be very high and may require more coverage. However, if your child is now an adult and financially independent, you may be able to reduce your coverage.

Mortgages

Buying a new home is an exciting time. The life insurance policy you opened five years ago may not cover your new home’s bigger price tag and your coverage may need increased. On the reverse side, if you’ve recently paid off a mortgage your obligations will be much lower compared to when you purchased your policy. In this instance your coverage could be reduced.

New Job

Congrats on the new gig and maybe even a higher salary! However, if your lifestyle has changed because of your higher earnings, you may want to reevaluate your coverage.

Retirement

Sit back and relax or see some sights, you’re retired! If you’re no longer working and have paid off your debts, you may be able to reduce your life insurance coverage.

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